Tata Steel gets NCLT approval for Bhusan Steel resolution plan
16 May, 2018, 11:22 | Author: Sammy Rose
Amid the approval, the tribunal dismissed pleas by Bhushan Steel Employees Union and creditor Larsen & Toubro against the plan.
Tata Steel, will initially subscribe to 72.65% equity share capital of BSL at face value i.e.at Rs 2 per share, for an aggregate amount of Rs.158.89 crore.
In a regulatory filing, Bhushan Steel said that the funds received from the investment will be to the tune of 35,132.58 crores and will be used to settle the existing debts of the company.
Tata Steel would also be infusing Rs9,000cr in the form of an inter-corporate loan, which would have the option to be converted to equity. Tata Steel's approved resolution plan has reportedly proposed terminating the PPA with the energy company. The NCLT nod will be a shot in the arm for Tata Steel which has been allegedly facing challenges on the ground in its efforts to assert control over BSL's main plant at Dhenkanal in Odisha.
Bhushan Steel was on the RBI's first list of 12 companies referred to the National Company Law Tribunal a year ago. Earlier, it had emerged as the highest bidder for Bhushan Steel with a Rs 35,200-crore offer, paving the way for the acquisition of a five million tonne plant in Odisha with a product basket catering to high-value auto and consumer durable makers.
Tata will invest in Bhushan, where the lenders will also get a 12.27 per cent stake, through its wholly owned subsidiary Bamnipal Steel Ltd.
Bhushan Steels and Electrosteel Steels were a part of Reserve Bank of India's "Dirty Dozen" list, which identified companies for immediate resolution. This is reportedly Tata Steel's second-biggest acquisition after the Corus Group acquisition in 2007. A combination will transform the former into a leading producer of flat steel in India, as the leader is now JSW Steel with about 13 million mt/year of capacity.
The six flat steel players are Tata Steel, JSW Steel, Steel Authority of India, Bhushan Steel, Bhushan Power and Steel and Essar Steel. NCLT has also directed BSL's ex-management to cooperate with the monitoring agency during the implementation of the resolution plan and granted it liberty to approach it during the process.
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